The document outlines 40 business lessons learned by Jonathan Mills by age 40, emphasizing the importance of branding, real-world experience, and focusing on personal strengths. It advises against partnerships, encourages finding mentors, and highlights the significance of continuous learning and networking. The author shares insights on managing time effectively, recognizing opportunities, and maintaining a strong personal reputation while pursuing business goals.

1. 40 business lessons
by 40 years old
by Jonathan Mills Patrick
jonathanmillspatrick.com

2. Run up hill
The best time to start sprinting is when everyone else is slowing down

3. Build your brand early
Don't worry about getting it all "figured" out, but do find a
niche that fits you

4. Experience>theory
Advanced education is critical, but real world experience
beats the study of theory all day, every day

5. Eat your frog second -
Brian Tracy wrote a great book about "eating your frog" or doing the least
desirable item first. I believe you should eat your ice cream first (a positive item)
to get your momentum going, then your frog

6. Rise and shine at your
own time
I don't buy into the early risers are more productive theory. You know your
sleep cycle and productive times better than anyone, so stick to them

7. Be active
Some of my best business ideas and problem solving
have come during exercise

8. Do it for the money
I know this won't be popular. But if you are going to pursue a profession
that you aren't passionate about then you might as well chase the money

9. Follow the pain
Anytime you experience a pain point with something there is opportunity
ahead. Find ways to solve problems and there is the potential for a business

10. No partners allowed
Do all the joint ventures you want, but avoid partners in
business. Particularly family

11. Find your niche
Focus on a specific area in your industry. If you are in Marketing
then become an expert in one area, but know the others

12. Mentors
Find mentors that are where you want to be that are willing to take the time
to teach you how to get there. That includes through reading their books

13. Who are your five?
You are only as strong as the five people you spend the most
time with. Make sure they share your vision, values, and drive

14. Find a passion
This one isn't for business. Find something outside of business
that you are passionate about. This keeps you grounded

15. Have a Plan B
Start your own business. It's a great learning experience, as well
as allowing something for you to supplement your income with

16. Stay ahead of trends
Don't be a follower. Find trends that excite you and stay
ahead of them

17. Know your strengths
What things make you who you are and come naturally
to you. Focus on those...

18. Outsource your
weaknesses
...and ignore everything else. I spent months one time trying to
be good at something I had no aptitude toward nor patience for

19. Play nice, until they
don't
Being nice in business will take you a long way. But
know when not to be nice as well

20. Say no
Don't try to be all things to all people. Know when to say
no to people that demand your energy, money, and time

21. Pareto's Principle
Better known as the 80/20 rule. Spend your energy, money,
and time on the 20% of activities that yield 80% of the results

22. Be scrappy
Fight for your rights when it's appropriate. I once had someone try to claim my
business idea as his own at a conference. I almost got my team thrown out of
the event, until the truth came out. Then my imitator all but got thrown out

23. Play both offense and
defense
How do you improve the bottom line? You can increase
your revenue or control your expenses. I recommend both.

24. Rediscover yourself
In "Quitter" John Acuff says that "finding" your passion is more about
rediscovering something you were already passionate about but had forgotten

25. Simplicity is best
Keep it simple, whatever it is

26. Be razor focused
Avoid trying to do too many things at once. Focus on
one or two things that match your interests and skill set

27. Be a people person
Life is about relationships, like it or not. Learning how to read,
get along with, and impact others is an enormously powerful skill

28. The ladder or the
laptop
Decide early if you want to climb the corporate ladder or would
you rather make a comfortable living with some flexibility

29. Be a student
Always be learning. Whether through books, podcasts,
or conversations with others

30. Know your "why"
Probably one of the best books of all time, Simon Sinek's
"Start With Why" is a must read

31. Release early and
often
Paralysis by analysis will cripple anything. Sometimes knowing too much is
a bad thing. Don't be afraid to move ahead with a project that is mostly done

32. Be willing to fail
The best baseball batters get a hit about every third at
bat. And they get paid millions.

33. Every 3 questions
What topics do others tend to ask your advice on? Anytime you are
asked the same question 3 times you have a business opportunity

34. Products are easier
than services
I've sold products and I've sold services. There is something inherently easier
about selling a tangible thing. Services can be turned into products, such as
knowledge into ebooks

35. Trust, but verify
What takes the longest to earn, but can be the quickest
to lose? Someone's trust

36. Protect your rep
One of my mantras is to do the right thing. It's not always easy and it has
cost me on many occasions. But doing so has kept my reputation in tact

37. Which package works
for you
You are not a non-profit organization. There has been a cost for you
to obtain your level of expertise. Charge a fair price for that access

38. Pen and iPad
I've spent years trying to decide if I was a pen/paper or technology kind
of guy. The answer is what works best for you, which sometimes is both

39. Give and be willing to
receive
Having a servant's heart is all well and good. But there
is no reason to feel guilty for receiving your fair share

40. Who do you know?
Learning the art of networking and connecting with complimentary,
not competitive, professionals has made my career

41. How can I help you?
Being willing to help others first with nothing expected in
return has earned me plenty of return favors

42. So...how can I help?
Feel free to reach out to me if I can help you launch or
grow your business in any way. Click here

43. About the author
Jonathan is passionate about helping business owners accomplish
their dreams by providing the best information and resources
available regarding business finances, management, and
marketing.
He has worked in the financial industry for nearly fifteen years. First
as a top ten insurance salesman for a national company, a financial
advisor, and finally in the banking industry for the past ten years.
Over that time he has been involved in over $500,000,000 in
transactions involving lending, angel investing, and venture capital
facilities. As a senior executive at a financial institution Jonathan
has been part of a team that has averaged double digit growth over
the past few years. He has also lead that same company to be
named SBA Lender of the Year for 2012 and 2013.
Jonathan is an entrepreneur himself, including launching a business
to business networking site in 2011 that reached membership in 45
countries.
He has been named to Knoxville’s prestigious “40 under 40 group
and serves on the Boards of both the Fairview Technology Center
and Community Health Alliance.
Jonathan is first and foremost a husband and father. In his personal
time he enjoys helping people accomplish their health and fitness
goals, including teaching others the benefits of exercise through
mixed martial arts training. Jonathan has worked with a variety of
people to reach their weight goals, including multiple 50+ pound
“losers”. He enjoys running, reading, and time with his family.